Amstar sells apartments in L.A.

Denver-based Amstar has sold a 159-unit mixed-use apartment community in the Los Angeles area for $48 million.

Amstar acquired the property, The Gardens at Wilshire Center, in 2004 with California-based developer Chandler Partners.

Amstar and Chandler put together the team to underwrite and execute the necessary environmental remediation, construction and leasing plan to deliver an institutional quality asset. The project was completed in July of 2008 and fully leased during the market downturn that ensued in the fall of 2008.

David joined The Denver Post in 1999, his second go-round in the Mile High City. Since then he’s covered a variety of topics – from human services to consumer affairs – most always with an investigative bent. Currently he does investigations and banking.